Tesla posted a revenue decrease of $26.7 million from $58.9 million a year earlier

Tesla may have a winner on its hands with the Model S' recent release, but the electric vehicle (EV) company still reported financial losses for Q2 2012.

For the second quarter, Tesla posted a revenue decrease of $26.7 million from $58.9 million a year earlier. It also reported losses for the quarter of $105.6 million (89 cents per share) from $58.9 million (53 cents per share) last year.

Tesla is in transition mode at the moment. It's currently going from only selling a few thousand of its Roadster battery electric vehicle sports car, which goes for about $109,000, to now selling its first full production vehicle, the Model S.

The Model S was initially announced three years ago, and finally shipped June 22. The Model S comes in three different versions, with 40 kWh, 60 kWh or 85 kWh battery packs. The lower-end 40 kWh base model will sell for $57,400 while the higher-end model will sell for $105,400. The Model S is eligible for the $7,500 federal electric tax credit as well.

It was recently reported that the 85 kWh model could earn a 265-mile driving range window sticker rating from the EPA, which would put the Model S far ahead of the electric competition.

The Model S has proved to be quite popular with Tesla having 10,000 reservations for the vehicle before it shipped. Having the Model S onboard will definitely help Tesla as it moves toward becoming profitable. Up until now, it has reported losses of over $500 million since 2009.

"We are maintaining our revenue guidance of $560 million and $600 million and our Model S volume projection of 5,000 units for 2012," said Tesla in a letter to shareholders. "We expect to deliver approximately 500 vehicles to customers in Q3 with the balance delivered in Q4."